Author:
Shaikh Ali Akbar,Cárdenas–Barrón Leopoldo Eduardo,Bhunia Asoke Kumar,Tiwari Sunil
Abstract
This paper develops an inventory model for a deteriorating item with variable demand dependent on the selling price and frequency of advertisement of the item under the financial trade credit policy. Shortages are allowed and these are partially backlogged with a variable rate dependent on the duration of waiting time until to the arrival of next order. In this inventory model, the deterioration rate follows a three-parameter Weibull distribution. The corresponding inventory model is formulated and solved by using the well-known generalized reduced gradient method along with an algorithm. To validate the inventory model, two numerical examples are considered and solved. Finally, based on one numerical example, the impacts of different parameters are studied by a sensitivity analysis considering one parameter at a time and leaving the other parameters fixed.
Subject
Management Science and Operations Research,Computer Science Applications,Theoretical Computer Science
Cited by
27 articles.
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